Leases (Tables)

6 Months Ended

Aug. 03, 2024

Leases [Abstract]

Summary of Components of Net Lease Cost

The following table is a summary of the Company’s components of net lease cost for the three and six months ended August 3, 2024 and July 29, 2023:

	For the three months ended				For the six months ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
(in thousands)
Operating lease cost	$	12,222	$	11,374	$	23,699	$	22,041
Variable lease costs(1)		3,151		3,293		6,544		6,458
Total lease costs	$	15,373	$	14,667	$	30,243	$	28,499

(1)Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to leases.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and balance sheet information related to leases as of and for the first six months ended August 3, 2024 and July 29, 2023 was as follows:

(dollars in thousands)	For the Six Months Ended
Cash paid for amounts included in the measurement of lease liabilities:	August 3, 2024			July 29, 2023
Operating cash flows for operating leases (1)	$	25,750		$	24,513
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	43,087		$	23,533
	As of
	August 3, 2024			July 29, 2023
Weighted average remaining lease term	5.4 yrs.			4.4 yrs.
Weighted average discount rate		6.38	%		6.41	%

(1)The cash paid for the first six months of fiscal 2024 and fiscal 2023 included prepaid rent of $4.3 million and $3.7 million, respectively.

Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of August 3, 2024:

(in thousands)
2024 (remaining)	$	19,434
2025		50,191
2026		38,544
2027		31,806
2028		24,067
Thereafter		46,230
Total minimum lease payments	$	210,272
Less: amount of lease payments representing interest		33,638
Present value of future minimum lease payments	$	176,634
Less: current obligations under leases		35,155
Long-term lease obligations	$	141,479